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	Good Wednesday morning. Billy Bambrough here with what you need to know from the world of bitcoin and crypto.


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24-hour crypto market snapshot

$42,131

$2,919

$130.26

$0.93

Continued decline 📉


	The cryptocurrency market is looking bleak even as global equity markets bounce following reports the debt crisis at China property developer Evergrande will likely be contained. The bitcoin price briefly dropped under $40,000 yesterday for the first time since August but quickly bounced as bulls rushed to defend the psychological line. The bitcoin price remains on a downward trend, however, with sentiment low. The rest of the crypto top ten are faring even worse, with ethereum down by more than 5% and back under the closely-watched $3,000 level. Could ether have a lot further to fall? Buzzy ethereum rival solana is meanwhile leading major coins lower, down almost 10% on this time yesterday. Ripple's XRP has slipped further from the $1 per XRP level after a judge denied Ripple's request for documents detailing regulators' crypto trading activity as part of its long-run battle with the Securities and Exchange Commission (SEC). Good to know: Leaked slides show how Chainalysis flags crypto suspects for cops

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Stablecoins = "poker chips" 🃏



	SEC chair Gary Gensler spoke before the Senate Banking Committee last week POOL/AFP via Getty Images


	All in: Securities and Exchange Commission (SEC) chair Gary Gensler has likened stablecoins, cryptocurrencies such as tether that are tied to traditional currencies or real-world assets, to "poker chips." Showing his cards: In an interview with the Washington Post, Gensler doubled down on his position that his agency has "robust" authority to regulate the cryptocurrency industry, warning "most" cryptocurrencies have attributes of securities and reusing a previous analogy that the $2 trillion cryptocurrency market is a "Wild West." Stable shuffle: "Stablecoins are almost acting like poker chips at the casino right now," said Gensler. "We’ve got a lot of casinos here in the Wild West, and the poker chip is these stablecoins at the casino gaming tables." Nakamoto-san: Gensler also credited bitcoin’s mysterious creator, Satoshi Nakamoto—calling him "Nakamoto-san"—with spurring innovation and being a catalyst for change in how central banks and the private sector handle payment systems. The big picture: Last week, Gensler told the Senate Banking Committee crypto exchanges such as Coinbase should register with the SEC. Gensler has previously said the crypto market lacks a robust amount of protection for investors and has called on lawmakers to give the SEC more authority to regulate the industry. "Those platforms should come in, and they should figure out how to register," Gensler told the Post. "Not many have, and so I do really fear that we’ll keep bringing these enforcement cases but there’s gonna be a problem ... and, frankly, when that happens I think a lot of people are going to get hurt." How the West was won... Coinbase is working on a pitch to federal regulators on how to oversee the crypto industry, according to a Coindesk report, citing anonymous "sources familiar with the regulatory discussions." Now read this: Why central bankers invoke free banking to attack stablecoins

Blacklisted 🖤


	🚫 The U.S. Treasury Department has for the first time issued sanctions against a cryptocurrency exchange, blocking all trades involving the Russia-based exchange Suex and its U.S. entities after it found fully 40% of all its transactions involved illegal activities. 🙅 U.S. residents and citizens are now forbidden to do business with Suex, on penalty of fines or prison, and Suex has been put in a category along with suspected terrorists and drug traffickers. 💰 The move is part of a series of actions targeting the use of digital currencies in ransomware attacks. The department’s Office of Foreign Assets Control (OFAC) has also issued a new advisory warning that it may issue new sanctions against cryptocurrency exchanges, cyber insurance companies, and other financial institutions that facilitate ransomware payments. 🗣️"Ransomware and cyber-attacks are victimizing businesses large and small across America and are a direct threat to our economy," Treasury secretary Janet Yellen said in a statement. "We will continue to crack down on malicious actors." 📈 Ransomware attacks increased by 300% last year, crippling supply chains and critical infrastructure. In May, the Colonial Pipeline, one of the U.S.'s largest fuel pipelines, was forced offline for six days by a ransomware attack. Coming up... Representatives from some of the world's biggest technology companies, including Google, Facebook, Amazon and eBay, are speaking today before the U.K.'s Treasury Committee as part of a review of progress in combating economic crime such as money laundering.

Snoop Whale 🐳


	👤 Rapper Snoop Dogg has revealed he's a secret non-fungible token (NFT) whale with a collection worth around $17 million. Decrypt has a write-up. 🐦 Snoop has been collecting valuable ethereum NFTs, including nine of the highly-sought CryptoPunks, under the Twitter handle Cozomo de’ Medici. 🏀 Snoop joins the ranks of other celebrity NFT holders, including basketball player Stephen Curry, YouTubers KSI and Jake Paul, and TV host Steve Harvey. In other NFT news... Xoogler, a network of more than 10,000 former Google employees, has launched an NFT collection, revealing the growing involvement of the tech giant's alumni with blockchain technology. Now read this: The NFT scammers are here

	Billy Bambrough
	Forbes Contributor

I am a journalist with significant experience covering technology, finance, economics, and business around the world. I write about how bitcoin, crypto and blockchain can change the world.

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